📌 The XPL Surge and HLP Attack Overnight Overnight, Plasma's XPL rose by approximately 70% in about 2 hours. Afterward, it returned to its original level. ✔️ What happened? 1. A whale deposited approximately $1.3 million into HyperLiquid by splitting the funds across multiple wallets. 2. Took an 8x long position worth $10.6 million. 3. Pumped the price of XPL in the spot market + withdrew profits (approx. $3.1 million) while keeping positions open on HLP. *HLP can withdraw a certain portion of profits. Similar to Binance margin management 4. Resold the spot assets to force liquidation of the Hari position 5. Hari could not absorb that amount of liquidity -> HLP took over the position, resulting in a loss of approximately ~$400k 6. The attacker pocketed the profit of approximately ~$1.85m and left 📱 The tweet explaining the situation 📱 (March 27, 2025) Summary of the HyperLiquid Jelly incident, conflicting opinions 📱 (March 12, 2025) HyperLiquid HLP pool wiped out by a $4m whale. All 30 days of interest lost. How did this happen? It might be easiest to understand this as a mechanism similar to the Jelly scandal that happened in the past. (*As additional information, Zach revealed that MEXC and the current EdgeX team were behind the past Jelly scandal.) Hearts and likes are a great source of strength for BQ content 🤩 #HyperLiquid #HLP #HYPE #XPL